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2015 (2) TMI 112 - AT - Income TaxPenalty u/s.271(1)(c) - CIT(A) deleted the levy holding hat penalty cannot be levied in respect of the additions made on estimate basis by applying the gross profit rate - Held that:- Penalty levied u/s.271(1)(c) of the Act on the income admitted during the course of survey proceedings is to be deleted. The contention of the assessee is not controverted by the Revenue by placing any material on record, therefore respectfully following ratio laid down by the Hon'ble Gujarat High Court rendered in the case of Kirit Dahyabhai Patel vs. Asst. CIT [2015 (1) TMI 201 - GUJARAT HIGH COURT] we do not find any merit in the Revenue's appeal. Hence penalty deleted. Decided in favour of assessee.
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